US investment into Ireland in 2011 amounted to $30.5 billion, up 9 per cent on the previous year and was the second-highest level of US investment in Ireland on record, according to a new report Wall Street economist Joseph P Quinlan.

Commissioned by the American Chamber of Commerce Ireland, the report, The Irish-US Economic Relationship 2012, finds that Irish affiliates remain the 10th largest foreign employer of US workers, employing 120,000 people.

Aside from recommending that Government policies must continue to fund and support investments in education and research, development and innovation, the American chamber’s report also suggests that some of the best global business opportunities exist in Europe’s extended periphery, including eastern Europe, the Middle East, Turkey and north Africa.

“Having successfully positioned itself as the beachhead for exports into mainland Europe, the challenge now is for Ireland to achieve that same strategic positioning for these budding markets,” said Mr Quinlan.